As a generation, it’s clear that we are quietly struggling with financial literacy, which is defined by Wiki as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being”. Sometimes I think of all the times my friends and I have wallowed in our ignorance and boasted that “money won’t make us happy”. We would then try to wash away the sting of that lie with cheap whiskey and bargain booze. I call it a lie because there are plenty of wealthy people who are happy, healthy and living their best lives. The truth is money will have a greater influence on our lives than any other commodity. It’s important that we set out to understand it.
“Bottom line is we need money to live in a civilized society, and the people who don’t believe money is important are the one’s who settle for what they get and spend the rest of their days wishing they had more.” – Bob Proctor.
The good news is somebody out there has taken the time to demystify and simplify this ‘complex’ issue by creating an online community of easily accessible financial experts. Their purpose is basically to help young people understand their finances, without the expense of consulting a financial adviser. Read this article on the Huffington post about the quiet struggles of financial literacy amongst millennial’s. It’s a good place to start.
The book ‘Rich Dad, Poor Dad’ provides a good conceptual framework from which we can start to educate ourselves financially. I’ll post some key takeouts from his book in a later post but in the mean time, it’s worth thinking about how to get started on your journey to financial freedom.
It certainly helped me to take this issue more seriously and inspired this blog. Besides, If all else fails, I could always marry a rich man and live my days out as a pampered housewife. Just kidding – or am I?